salliemae saying cuz i have no biz w/ idapp i can't do jack SHi%
i dun have biz w/ any other lender, what kinda of monopoly power does SLM hold on this???
how can the gov't allow such monopolization of student loans w/ one lender????

I'm pretty sure that it is a fixed rate, because I don't think any place that offers a federal consolidation loan has a variable rate. One place that I checked offers a variable rate, but it's a private loan, so you would lose the benefit of your loan being federally guaranteed.

aeneas3 said:

<< hi
yeah i was confused about idapp. the guy i had on the phone didnt seem like the brightest bulb so if u think it is fixed then i will definitely call back. you cannot beat .82% if direct pay after 4 years.

i did hte easyloan to see my loans and darn i have too much. they look decent too, they reduce a 1% after consecutive payments (i think 36) plus take off .25% for direct pay. >>

fotomaniak said:

<< I would not post the info without confirming it.

I currenlty have a student loan with direct loans too, the loan have been previously consolidated. Called both www.collegeloan.com and cfsloans.com and confirmend that they will allow me to consolidate the loan.

I've applied with www.collegeloan.com about 2 weeks ago, got confirmation letter saying it should take at most 30 days, just called to check - it's still in process.

If you still worried - wait till my consolidation is completed, if not - apply now. You have nothing to loose anyway, worst case - your application is declined and you stay with your current lender.
>>

Fotomaniak,
was this reconsolidation successful?
When you talked with collegeoan.com, did they say there was a minimum amount that had to be reconsolidated?

Thanks

EDITED: spelling errors

aeneas3 said:

<< any ideas on this?
i have about 1/7th of my loans at 3/5%-5% and the rest ~2.82. i was considering consolidating these two bunches separately. anyone have the formulas for the type of interest that is on these loans so i can see if i save money OR anyone have any advice about this. i think i can get a lower rate on the 6/7 and higher rate on 1/7 but this allows me to pay off the 1/7th quicker to save money in the long run and not have the higher rate loans raising the lower rate ones. any ideas?
thanks >>

I say if you are going to pay off the 1/7 as soon as possible, than don't consolidate. If you consolidate, and you have 1/7th of the loans at 3.5%, your overall consolidated percent will increase to ~3.00%. Alternatively, if you have 1/7th of the loans at 5%, your consolidated percent will rise to ~3.25%. Any rates within 3.5% to 5% rainge will consolidate between 3% to 3.25%. If you think you will pay off the higher rate balance (small amount) within 1 to 2 years, its might not be worth consolidating because you won't save much.

Just a word of caution for those consolidating with their spouses. If you have consolidated your loans together and one person dies, the other is responsible for the whole balance. If you don't consolidate with your spouse and they die, then their loan is forgiven.

Not trying to be morbid, just wanted to make sure everyone knew this.

Realizing that rates are at historic lows. I am working but still taking classes. I'm looking at continuing to take out student loans because of the lower intrest rates. These will be used to pay off higher rate loans.
In the end, I'm wondering what folks think about the possiblity of the rate staying put this summer. Or do you think it will rise? (For federal loans)

Did anyone ever get anywhere finding ways to consolidate private sector loans?

I have about $14k that I would love to cut the monthly payment in half.

Would one just go about calling all the possible lenders?

Help!

awesome thread keep it coming!

fotomaniak said:

<<
I currenlty have a student loan with direct loans too, the loan have been previously consolidated. Called both www.collegeloan.com and cfsloans.com and confirmend that they will allow me to consolidate the loan.

I've applied with www.collegeloan.com about 2 weeks ago, got confirmation letter saying it should take at most 30 days, just called to check - it's still in process.

If you still worried - wait till my consolidation is completed, if not - apply now. You have nothing to loose anyway, worst case - your application is declined and you stay with your current lender.

OP >>

So what's the good word. Paying 6.5% through Direct Loans and I'm dying to lower the interest rate to current levels. Anyone with proven reconsolidation.

saab9kt said:

<< I am at 7.75% with my student loan... consolidated to eliminate the multiple monthly payments... now, I am stuck with this horrible rate. Sucks... >>

Lesson to learn: you should not consolidate just to eliminate multiple payments. Even if you are sending them via snail mail, you'll only save 37cents times # of loans and a little bit of time. If you have your payments deducted electronically fromt he checking account then it does not matter wether it's one loan or 10(as long as you have money in the bank )
You should only consolidate if you get something in return(i.e. interest rate reduciton).

You can still consolidate your loan(yes, second time!): See the first two companies in the inital post of this thread.